Covenant coverage — resolved-definition demonstration
What the covenant engine resolved from a borrower’s own public credit agreement on EDGAR: the operative amendment chain, the Consolidated EBITDA definition resolved through it, and the share of that definition a lender cannot independently recompute. A signal for review, not a credit rating. Named here in a controlled one-to-one review.
Paya Holdings, Inc.
named (controlled review) · class: live-publicWhy this is the headline number
18 of the 21terms in this count cannot be independently recomputed from public data — by the lender or anyone else. They are borrower-certified or defer to GAAP: asserted, or with no separately-reported figure to check against. Only 3 map to a separately-reported line and can be recomputed.
The denominator is not the definition's whole closure. This definition reaches 193 defined terms; counting its own text, 194 in all. The 21 counted here are the ones whose own text defers to an outside determination (an accounting standard, the Borrower, or the Administrative Agent), and the definition's own text is one of them. A term it reaches that defers to none of those is not counted, because there is no outside determination to check.
A term that defers to GAAP as a category has no single separately-reported line to recompute it from -- that GAAP-deferral is precisely why it cannot be independently checked, not a reassurance that the figure is right.
This share is a coverage measure, deliberately not a credit grade (uncalibrated).
A small, steady recomputable base is the finding, not a stub: only a handful of EBITDA components map to a public reported line, so the rest rest on the borrower’s own certification -- a low, stable recomputable share is the signal, not a shortfall.
How the spanning tree relates to this count
The NRS denominator is the register census of 21 defined terms. Terminals reachable only through another terminal are counted in the NRS but not expanded in this spanning tree (16 classified terminals shown), so counting terminals here does not reconstruct the denominator.
Measured, not modeled -- across three real facilities (Paya + two Redwire), the recomputable base is small and stable because these definitions are built the same way within the observed template family, not because the share was assumed.
Resolved definition tree
- Consolidated EBITDAcap: 25% of Consolidated EBITDA (determined prior giving effect)
- Acquired EBITDA
- Borrower
- Restricted Subsidiary
- Compliance Certificate
- run rate
- Consolidated Net Incomedisclosedrecomputable
- Consolidated Total Interest Expensedisclosedrecomputable
- Disposed EBITDA
- Disqualified Equity Interest
- Affiliate
- Latest Maturity Date
- Termination Date
- Financial Officer
- Financial Performance Covenant
- GAAPdiscloseddefers to GAAP
- Holdings Parent Specified Expenses
- Interest Coverage Ratio
- Net Proceeds
- Non-Cash Chargesdiscloseddefers to GAAP
- Pro Forma Adjustmentdisclosedborrower-certified
- Pro Forma Disposal Adjustmentdisclosedborrower-certified
- Senior Secured Net Leverage Ratio
- Consolidated Senior Secured Net Indebtednessdiscloseddefers to GAAP
- Specified Transaction
- Merchant Portfolio
- Merchant Portfolio Acquisitions
- Portfolio Swaps
- Residual Buyouts
- Sponsor Management Agreement
- Required Lenders
- Sponsor Model
- Stewardship
- Tiger Acquisition
- Total Net Leverage Ratio
- Consolidated Total Net Indebtednessdiscloseddefers to GAAP
Add-back caps
| Add-back | Cap formula | Cap value | Claimed | Headroom |
|---|---|---|---|---|
| run-rate cost savings | 25% of resolved Consolidated EBITDA base | not public | cap 25% of resolved Consolidated EBITDA base; claimed not disclosed in public filings — not verifiable on public data | — |
Amendment impact
| Amendment | Date | Impact |
|---|---|---|
| amendment | 2020-07-24 | changed-terminal list and NRS before/after: pending (not in the serialized model) |
| amendment | 2020-10-07 | changed-terminal list and NRS before/after: pending (not in the serialized model) |
Resolution defects
No resolution defects surfaced for this agreement (chain complete, computation resolved).
Reproducibility receipt (capture-provenance)
These hashes were computed when this snapshot was captured from EDGAR, so a reviewer can re-fetch the same exhibits and re-run the serializer to match them. They are NOT engine-emitted receipt fields stamped at render time -- an engine-side covenant receipt is a separate, later step.
Recomputes here from the model on this page. A match confirms this report is unaltered since it was generated.
The digest of the source filing as captured. Confirming it means re-fetching the same exhibits from EDGAR and re-running the serializer — that check is not shipped.
- engine:
- covenant engine
- input bytes:
- 903935
- source:
- https://www.sec.gov/Archives/edgar/data/1819881/000181988121000021/exhibit104-amendment3.htm (+2 more)
Verification, not a credit opinion. Covenant states are the engine’s, uncalibrated. A signal for review, not a rating, an accusation, or reliance advice.
How the claimed column reads
- present claimed $30M vs cap $25M — within / exceeds
- not_public cap $25M; claimed not disclosed in public filings — not verifiable on public data
- absent cap $25M; no add-back claimed under this line
“Not public” (we cannot see the claim) and “absent” (there is no claim) are distinct on purpose -- never the same cell, never a dash, never a zero.
How findings read (tone by attribution)
the agreement’s amendment chain is incomplete: a recited instrument was not retrieved
a finding about the agreement
the resolver did not locate this definition on public data
a limit of our reach, not an accusation against the borrower
Redwire Corporation
named (controlled review) · class: live-publicWhy this is the headline number
20 of the 23terms in this count cannot be independently recomputed from public data — by the lender or anyone else. They are borrower-certified or defer to GAAP: asserted, or with no separately-reported figure to check against. Only 3 map to a separately-reported line and can be recomputed.
The denominator is not the definition's whole closure. This definition reaches 217 defined terms; counting its own text, 218 in all. The 23 counted here are the ones whose own text defers to an outside determination (an accounting standard, the Borrower, or the Administrative Agent), and the definition's own text is one of them. A term it reaches that defers to none of those is not counted, because there is no outside determination to check.
A term that defers to GAAP as a category has no single separately-reported line to recompute it from -- that GAAP-deferral is precisely why it cannot be independently checked, not a reassurance that the figure is right.
This share is a coverage measure, deliberately not a credit grade (uncalibrated).
A small, steady recomputable base is the finding, not a stub: only a handful of EBITDA components map to a public reported line, so the rest rest on the borrower’s own certification -- a low, stable recomputable share is the signal, not a shortfall.
How the spanning tree relates to this count
The NRS denominator is the register census of 23 defined terms. Terminals reachable only through another terminal are counted in the NRS but not expanded in this spanning tree (15 classified terminals shown), so counting terminals here does not reconstruct the denominator.
Measured, not modeled -- across three real facilities (Paya + two Redwire), the recomputable base is small and stable because these definitions are built the same way within the observed template family, not because the share was assumed.
Resolved definition tree
- Consolidated EBITDAcap: 30% of Consolidated EBITDA (determined after giving effect)
- Administrative Agent
- Loan
- Capitalized Leasesdiscloseddefers to GAAP
- Capitalized Software Expendituresdiscloseddefers to GAAP
- Compliance Certificate
- Consolidated Net Incomedisclosedrecomputable
- GAAPdiscloseddefers to GAAP
- Management Agreement
- Specified Transaction
- Pro Forma Effect
- Sponsor Model
- Lead Arranger
Add-back caps
| Add-back | Cap formula | Cap value | Claimed | Headroom |
|---|---|---|---|---|
| run-rate cost savings | 30% of resolved Consolidated EBITDA base | not public | cap 30% of resolved Consolidated EBITDA base; claimed not disclosed in public filings — not verifiable on public data | — |
Amendment impact
| Amendment | Date | Impact |
|---|---|---|
| amendment | 2023-12-22 | changed-terminal list and NRS before/after: pending (not in the serialized model) |
| amendment | 2024-06-18 | changed-terminal list and NRS before/after: pending (not in the serialized model) |
| amendment | 2024-08-28 | changed-terminal list and NRS before/after: pending (not in the serialized model) |
| amendment | 2025-06-04 | changed-terminal list and NRS before/after: pending (not in the serialized model) |
Resolution defects
No resolution defects surfaced for this agreement (chain complete, computation resolved).
Reproducibility receipt (capture-provenance)
These hashes were computed when this snapshot was captured from EDGAR, so a reviewer can re-fetch the same exhibits and re-run the serializer to match them. They are NOT engine-emitted receipt fields stamped at render time -- an engine-side covenant receipt is a separate, later step.
Recomputes here from the model on this page. A match confirms this report is unaltered since it was generated.
The digest of the source filing as captured. Confirming it means re-fetching the same exhibits from EDGAR and re-running the serializer — that check is not shipped.
- engine:
- covenant engine
- input bytes:
- 1052918
- source:
- https://www.sec.gov/Archives/edgar/data/1819810/000181981023000079/exhibit101-sixthamendmen.htm (+4 more)
Verification, not a credit opinion. Covenant states are the engine’s, uncalibrated. A signal for review, not a rating, an accusation, or reliance advice.
Redwire Corporation
named (controlled review) · class: live-publicWhy this is the headline number
20 of the 23terms in this count cannot be independently recomputed from public data — by the lender or anyone else. They are borrower-certified or defer to GAAP: asserted, or with no separately-reported figure to check against. Only 3 map to a separately-reported line and can be recomputed.
The denominator is not the definition's whole closure. This definition reaches 208 defined terms; counting its own text, 209 in all. The 23 counted here are the ones whose own text defers to an outside determination (an accounting standard, the Borrower, or the Administrative Agent), and the definition's own text is one of them. A term it reaches that defers to none of those is not counted, because there is no outside determination to check.
A term that defers to GAAP as a category has no single separately-reported line to recompute it from -- that GAAP-deferral is precisely why it cannot be independently checked, not a reassurance that the figure is right.
This share is a coverage measure, deliberately not a credit grade (uncalibrated).
A small, steady recomputable base is the finding, not a stub: only a handful of EBITDA components map to a public reported line, so the rest rest on the borrower’s own certification -- a low, stable recomputable share is the signal, not a shortfall.
How the spanning tree relates to this count
The NRS denominator is the register census of 23 defined terms. Terminals reachable only through another terminal are counted in the NRS but not expanded in this spanning tree (16 classified terminals shown), so counting terminals here does not reconstruct the denominator.
Measured, not modeled -- across three real facilities (Paya + two Redwire), the recomputable base is small and stable because these definitions are built the same way within the observed template family, not because the share was assumed.
Resolved definition tree
- Consolidated EBITDAcap: 25% of Consolidated EBITDA (determined before giving effect)
- Agreement
- Borrower
- Collateral
- Qualified Jurisdiction
- Capitalized Leasesdiscloseddefers to GAAP
- Capitalized Software Expendituresdiscloseddefers to GAAP
- Compliance Certificate
- Consolidated Net Incomedisclosedrecomputable
- GAAPdiscloseddefers to GAAP
- Qualified IPO
- Specified Transaction
- Pro Forma Effect
Add-back caps
| Add-back | Cap formula | Cap value | Claimed | Headroom |
|---|---|---|---|---|
| run-rate cost savings | 25% of resolved Consolidated EBITDA base | not public | cap 25% of resolved Consolidated EBITDA base; claimed not disclosed in public filings — not verifiable on public data | — |
Amendment impact
| Amendment | Date | Impact |
|---|---|---|
| amendment | 2026-07-01 | changed-terminal list and NRS before/after: pending (not in the serialized model) |
Resolution defects
No resolution defects surfaced for this agreement (chain complete, computation resolved).
Reproducibility receipt (capture-provenance)
These hashes were computed when this snapshot was captured from EDGAR, so a reviewer can re-fetch the same exhibits and re-run the serializer to match them. They are NOT engine-emitted receipt fields stamped at render time -- an engine-side covenant receipt is a separate, later step.
Recomputes here from the model on this page. A match confirms this report is unaltered since it was generated.
The digest of the source filing as captured. Confirming it means re-fetching the same exhibits from EDGAR and re-running the serializer — that check is not shipped.
- engine:
- covenant engine
- input bytes:
- 1712783
- source:
- https://www.sec.gov/Archives/edgar/data/1819810/000181981026000017/exhibit101amendedandrestat.htm (+1 more)
Verification, not a credit opinion. Covenant states are the engine’s, uncalibrated. A signal for review, not a rating, an accusation, or reliance advice.